Gift Planning

Wake Forest University's Bequest Language

One way for you to support Wake Forest University's mission is to leave us a bequest. A bequest is a gift made to charity in your will or trust. One significant benefit of making a gift by bequest is that it allows you to continue to use the property you will leave to charity during your life. Another benefit is that by making a bequest you are able to leave a lasting legacy.

Types of Bequests

There are a number of ways you can make a bequest to Wake Forest University. You can leave what is called a specific bequest. A specific bequest involves making a gift of a specific asset such as real estate, a car, other property or a gift for a specific dollar amount. For example, you may wish to leave your home or $10,000 to Wake Forest University. Another kind of specific bequest involves leaving a specific percentage of your overall estate to charity. For example, you may wish to leave 10% of your estate to Wake Forest University.

Another kind of bequest is called a residual bequest. A residual bequest is a bequest that is made from the balance of an estate after the will or trust has given away each of the specific bequests. A common residual bequest involves leaving of a percentage of the residue of the estate to charity. For example, you may wish to leave 30% of the residue of your estate to Wake Forest University.

Bequest Benefits

There are no limitations on bequest gifts. Bequests may be made for a general or specific purpose. All bequests are exempt from federal estate taxes.

Bequest Language

In order to make a bequest, you should speak with your attorney. Your attorney can help you include a bequest to Wake Forest University in your estate plan. We have provided some basic bequest language to assist you and your attorney.

1. Outright Bequest

If you are considering making an outright bequest to Wake Forest University, we recommend the following language:

Bequest of a Specific Dollar Amount

I hereby, give, devise and bequeath $DOLLARS to Wake Forest University, a non-profit organization located in Winston-Salem, NC, 27109-7227, Federal Tax ID #56-0532138, for Wake Forest University's general use and purpose.

Bequest of Specific Personal Property

I hereby, give, devise and bequeath DESCRIPTION OF PROPERTY to Wake Forest University, a non-profit organization located in Winston-Salem, NC, 27109-7227, Federal Tax ID #56-0532138, for Wake Forest University's general use and purposes.

Bequest of Specific Real Estate

I hereby give, devise and bequeath all of the right, title and interest in and to the real estate located in ADDRESS OR DESCRIPTION OF PROPERTY to Wake Forest University, a non-profit Wake Forest University located in Alumni Hall, Winston-Salem, NC, 27109-7227, Federal Tax ID #56-0532138, for Wake Forest University's general use and purposes.

Bequest of Percentage of an Estate

I hereby, give, devise and bequeath PERCENTAGE OF YOUR ESTATE to Wake Forest University, a non-profit organization located in Winston-Salem, NC, 27109-7227, Federal Tax ID #56-0532138, for Wake Forest University's general use and purpose.

2. Restricted Bequest

If you are considering a bequest but would like to ensure that your bequest will be used only for a specific purpose, please let us know. We would be happy to work with you and your attorney to help you identify ways to give that will ensure your charitable objectives can be met. We will also work with you and your attorney to craft language to accomplish your objectives.

If you are making a restricted bequest, we recommend that your attorney include the following provision to give Wake Forest University flexibility should it no longer be possible for our Wake Forest University to use your gift as you originally intended:

If changed circumstances should at some time make it impractical to continue using the income from the fund for the purpose designated, then The Wake Forest University Board of Trustees may redesignate the purpose to adhere as closely as possible to my original intent.

If you will be between the ages of 50 and 69 by June 30th, 2020, a portion of the face value of your bequest policy will count in the Wake Will Capital Campaign.

If you will be 70 or older by June 30th, 2020, 100% of the face value of your bequest policy will count in the Wake Will Capital Campaign

Additional Information That May Be Helpful

Please contact us if you have any questions about how to make a bequest to Wake Forest University or to request any additional information that might be helpful to you and your attorney as you consider making a bequest to us.